OTTAWA, Feb. 1 /CNW Telbec/ - OSI Geospatial Inc. (TSX: OSI) ("OSI") announced today that its U.S. Operations has signed a contract valued at US$6.5 million with Harris Corporation. Under the terms of this contract, OSI Geospatial will sell all of its rights to its soldier systems intellectual property. The company will recognize the benefits from this transaction in its first quarter ending February 28, 2010.
OSI Geospatial is working to divest non-core assets that are not aligned with its maritime strategy. The funds from the sale of these non-core assets will strengthen the company's balance sheet and provide the resources to further develop its core technologies and expand its marketing capabilities in support of developing its high-growth maritime niche markets.
"In early 2009 we communicated our intention to divest assets that do not support the development of our maritime business. This transaction marks an important step in realizing this strategy," said Ken Kirkpatrick, President and CEO. "Over the past three years, we have expanded our addressable maritime markets around the world and positioned the company to take advantage of the growth opportunities that these markets present for our leading technologies."
About OSI Geospatial
OSI Geospatial Inc. delivers advanced geospatial systems and software that enable shared real-time situational awareness for military, safety and security applications. Our products and services enable our customers to integrate and visualize live data with any combination of sensor data, imagery, maps and charts. This capability provides our customers with enhanced operational performance, safety and security through shared real-time situational awareness. OSI Geospatial systems and software are in use by military, government, and commercial customers around the world. The company is publicly traded on the Toronto Stock Exchange. For additional information please visit www.osigeospatial.com.
This press release contains forward-looking statements and information which reflect the current view of OSI with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and OSI's actual results of operations could differ materially from historical results or current expectations. Additional information on these and other potential factors that could affect OSI's financial results are detailed in disclosure documents filed from time to time with the applicable Canadian securities regulatory authorities.
Copyright (C) 2010 OSI Geospatial Inc. and its affiliated or related companies. ECPINS and COP-IDS are registered trademarks of Offshore Systems Ltd., an OSI Geospatial company. iGEN and C3CORE are registered trademarks of CHI Systems Inc., an OSI Geospatial company. Other company brand, product and service names are for identification purposes only and may be either trademarks, service marks or registered trademarks of their respective owners. Data subject to change without notice.
SOURCE OSI Geospatial Inc.
For further information: For further information: Sandra Oneschuk, Investor Relations, (613) 287-8004 or 1-888-880-9797, (613) 287-0466 (FAX), email@example.com